Despite Covid-19, Karnataka-based Mangalore Catholic Co-operative Bank Limited (MCC Bank Ltd) has performed well on all the financial parameters for the 2020-21 FY and announced a plan to give a 10% dividend to its shareholders. The Bank has earned a net profit of Rs.5.96 Crore registering a growth of 143%.
This was announced in the 103rd Annual General Meeting of the bank held through video conference last week.
While addressing the meeting the bank Chairman Anil Lobo said, “In spite of facing hardships due to the outbreak of COVID-19, the bank has earned a net profit of Rs 5.96 crore.”
“The total deposit of Rs 456.83 crore records an increase of 15.86% over the previous year. The total advances of Rs 306.62 crore record an increase of 15.68% over the previous year”, he added.
The bank had working capital of Rs 527.91 crore (growth of 15.07%) and share capital of Rs 18.43 crore as of 31.03.2021. Moreover, the NPA of the bank has been reduced to 1.92% compared to the NPA percentage of 2019-20 at 7.17%.
The provision coverage ratio stood at 75.74% of the total NPAs. The Bank has recorded Return on assets at 1.01% which is a substantial improvement over the previous year. The CRAR is 14.42%, he added.
He further added that the bank is striving hard to offer the best service to its customers. The Bank would be celebrating the Post Centenary Decennial in the coming year,2022 and it is the duty of all the stakeholders to take the bank to its glory by contributing to the improvement of the business.
The audited financials of 20-21, audit report and compliance, a program of activities for the financial year 2021-22, and budget for the year 2021-22, amendments to the bye-laws of the bank, were presented before the AGM and approved. During the meeting, the Chairman answered all the queries raised by the members during the meeting.
The bank Vice-Chairman Jerald D’ Silva, Director Irene Rebello, and others were present on the occasion.